Montana Statutes
§ 33-20-309 — Annuity Penalty -- 10-Year Prohibition
Montana·Title 33 INSURANCE AND INSURANCE COMPANIES·Ch. 20 LIFE INSURANCE·Part 3 Annuity Contract Provisions
33-20-309 . Annuity penalty -- 10-year prohibition.
(1)An annuity may not charge a surrender penalty on an annuity contract after 10 years from:
(a)the date of issuance; or
(b)for contracts for which the annuitant voluntarily deposits a separate premium that was not required under the annuity contract, the date of each separate annuity premium deposit. Within 10 years after the separate deposit, the insurer may charge a surrender penalty for that deposit.
(2)An insurer must provide written notice to the annuitant of any surrender penalty imposed under the contract, including subsequent notices if the annuitant voluntarily contributes separate premium deposits under subsection (1)(b).
(3)For purposes of this section, the term "surrender penalty" means a surrender penalty, fee, or charg
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Legislative History
En. Sec. 1, Ch. 177, L. 2017.
Nearby Sections
15
§ 33-20-1002
Employee Life Insurance Defined§ 33-20-1003
Repealed§ 33-20-101
Scope§ 33-20-102
Industrial Life Insurance Defined§ 33-20-103
Standard Provisions Required -- Exceptions§ 33-20-104
Grace Period§ 33-20-105
Incontestability§ 33-20-106
Entire Contract§ 33-20-107
Misstatement Of Age§ 33-20-108
Dividends§ 33-20-109
Renumbered 33-20-131§ 33-20-110
Table Of Values§ 33-20-1101
Employee Groups§ 33-20-1102
Labor Union Groups